Data as of Oct 28, 2026.
PVAL vs TLT: Differences, Returns & Fees
Over the year to Oct 28, 2026, PVAL returned +26.6% to TLT's −7.9%; 0% of their weight is in the same names.
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Net assets: $14.1bn on Aug 31, 2026 for Putnam Focused Large Cap Value ETF, and $47.4bn on Oct 27, 2026 for iShares 20+ Year Treasury Bond ETF.
Pair scorecard
TLT costs 0.40 points a year less; their one-year returns differ by 34.5 points.
| Measure | PVAL | TLT |
|---|---|---|
| Return | ||
| Total return, 1 year | +26.6% | −7.9% |
| Drawdown | ||
| Below its high | 42.6%, high on Aug 4, 2020 | |
| Benchmark | ||
| What it tracks | No index, actively managed | ICE U.S. Treasury 20+ Year Bond Index |
| Cost and size | ||
| Expense ratio | 0.55% | 0.15% |
| Net assets, PVAL as of Aug 31, 2026 and TLT as of Oct 27, 2026 | $14.1bn | $47.4bn |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 91% | |
| Top ten holdings, share of the fund | 42.8% | |
Holdings in common uses holdings dated Aug 31, 2026 and Oct 27, 2026. Method
What they share
By the books each fund has filed, PVAL and TLT hold 0% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
PVAL and TLT on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
Over the year to Oct 28, 2026 it returned +26.6% with distributions reinvested, against +27.5% for its benchmark, the Russell 1000 Value Index.
PVAL is actively managed and tracks no index. The prospectus expense ratio is 0.55% a year. By its holdings filed for Aug 31, 2026, 91% of the fund by weight is stocks the S&P 500 also holds, across 44 positions, with the top ten at 42.8%.
TLT
TLT tracks an index of 20+ year Treasuries. Over the year to Oct 28, 2026 it returned −7.9% with distributions reinvested, against −7.8% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. The prospectus expense ratio is 0.15% a year. It sat 42.6% below its high of Aug 4, 2020 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, PVAL or TLT?
- In the year to Oct 28, 2026, with distributions reinvested, PVAL returned +26.6% and TLT −7.9%.
- Which is cheaper, PVAL or TLT?
- TLT is cheaper, by 0.40 percentage points a year. That is about $40 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, PVAL against TLT, data as of Oct 28, 2026. https://etfiq.com/compare/any/pval-vs-tlt
ETFIQ. (Oct 28, 2026). PVAL against TLT. Retrieved from https://etfiq.com/compare/any/pval-vs-tlt
[PVAL against TLT (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/pval-vs-tlt)
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